Toronto 372 Yonge | 278m | 85s | Yonge & Gerrard Partners | DIALOG

ProjectEnd said:
It's a value exercise. It's not real.
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I'm not in that industry so could you explain why they do a value exercise? And why make it public if they're just going to de-value it later on? To the public, it just comes off as dishonest as 99% won't realize it's not real.. If it's largely fantasy (never going to happen) keep it confidential.
 
I've always thought the rendering was a bit too fantastical for what we're used too. Something about being too good to be true...
 
isaidso said:
I'm not in that industry so could you explain why they do a value exercise? And why make it public if they're just going to de-value it later on? To the public, it just comes off as dishonest as 99% won't realize it's not real.. If it's largely fantasy (never going to happen) keep it confidential.
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The rezoning of the site has to be a public process as it affects more than just the owner of the subject property. The rezoning increases the value of the property by allowing substantial density where the in use (current) zoning was for little density. All the poster meant above is that this development as show (rendering of the building) is there simply to help in the process of obtaining significant increased density allowances for the site, but will not be built as pictured. The owner(s) could then sell to a developer who will build a similar density but likely with a totally different design. (Not to put words in the mouth of anyone without their permission.)
 
^ To add to the above, going through the land entitlement process (including rezoning) is relatively cheap and can drastically increase the valuation of a property, ahead of a sell to a developer or alternatively for purpose of refinancing.
 
WislaHD said:
^ To add to the above, going through the land entitlement process (including rezoning) is relatively cheap and can drastically increase the valuation of a property, ahead of a sell to a developer or alternatively for purpose of refinancing.
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And I don't know about Toronto, but in Kitchener if the developer proposes a building within the zoning requirements, it undergoes little to no scrutiny from the city, meaning sites with major zoning amendments to allow increased density are lucrative because the developer can build whatever they like, and can still build a sizable/dense tower.
 
Urban-Affair said:
The rezoning of the site has to be a public process as it affects more than just the owner of the subject property. The rezoning increases the value of the property by allowing substantial density where the in use (current) zoning was for little density. All the poster meant above is that this development as show (rendering of the building) is there simply to help in the process of obtaining significant increased density allowances for the site, but will not be built as pictured. The owner(s) could then sell to a developer who will build a similar density but likely with a totally different design. (Not to put words in the mouth of anyone without their permission.)
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Nailed it, @Urban-Affair.
 
The rest of the context of that thus follows...

"...and the site is too small to accommodate a tall building with appropriate tower stepbacks and tower separation distances."

...which suggests the building is too big it's respective britches, for right or wrong. So the issues is not just about the height alone.

Keep in mind though, it's been already suggested the current design is a placeholder of sorts. The real building, if any, is yet to be revealed in this exercise.
 
UtakataNoAnnex said:
The rest of the context of that thus follows...

"...and the site is too small to accommodate a tall building with appropriate tower stepbacks and tower separation distances."

...which suggests the building is too big it's respective britches, for right or wrong. So the issues is not just about the height alone.

Keep in mind though, it's been already suggested the current design is a placeholder of sorts. The real building, if any, is yet to be revealed in this exercise.
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The real building will inevitably be much uglier, and probably involve the demolition of the heritage building on the corner, given this is Toronto after all.
 
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